The Illinois State Budget: How Bad Is the Picture, and What Can You Do About It?

Abstract

We have 24 faculty members over 3 campuses (Chicago, Urbana-Champaign, Springfield) and we don't have a political agenda. Basics of Budgeting in IllinoisState finances work much like your finances at home. The state has income (revenue) and expenses (sometimes called expenditures). It also has a bank account of sorts (called a fund balance).Each year, the state comes up with a budget for the year, and then tries to stick to that budget throughout the year.